Bengaluru's Central Crime Branch police detained three individuals for reportedly conducting a Ponzi scam by persuading others to invest in crypto currency. Raghavendra, Nagaraju, and Shivamurthy, all of HSR Layout, have been recognised as the accused. They devised a chain-link concept in which company members may recruit others to join the platform in exchange for a commission.“The accused ran a firm named FOMOEX in Yelahanka," a police… read-more
Courtesy: The Indian Express
The US's largest Ponzi scheme convict Bernie Madoff passed away on April 14 at federal prison's medical facility in Butner, North Carolina. The 82-year-old had a natural death, a year after the court denied his lawyer's request to release him considering medical reasons. Nonetheless, he pleaded guilty of running an investment scam in March 2009. Reportedly, around $13 billion of his investors have been recovered out of $17.5 billion.
Courtesy: Money control
The Enforcement Directorate (ED) on January 13 arrested former Trinamool Congress Rajya Sabha MP KD Singh for his alleged involvement in a ₹1,900 crore Ponzi scam. Singh is the founder and current Chairman Emeritus of the Alchemist group. The ED had begun probing into the Alchemist Group money laundering case in 2016. As per reports, the recent arrest was made under Prevention of Money Laundering Act, 2002.